Global Statistics Representing Contact Center Software Market Scenario
Contact center software programs are used to enhance the effectiveness and efficiency of contact centers with a focus on interactions between customers and contact center agents. The key function of such software programs is to route customers to agents and track these interactions. Increasing use of contact centers among organizations, owing to the ease of use and improved disaster recovery/business continuity associated with contact centers drives market growth around the world.
Contact centers have gained traction with greater emphasis being laid on high-value customer interactions. Evolving customer expectations and service complexities are creating growth avenues for contact centers to create strategic value and profitability. As per Customer Report 2020, by 2020, customer experience will overtake product and price as the key brand differentiator.
The increasing frequency of events such as weather disaster, political changes, and terrorist threats negatively impacts business continuity. Contact center software programs offer employees the work from home option by placing applications and data on the cloud, employing multiple backup and response tools and channels to ensure continuity, even if one data center goes down. Furthermore, renewed business processes and increasing use of innovative IT technologies are also propelling market growth, globally. The integration of contact centers with social media to enable agents to quickly identify social media conversations most relevant to the clients' businesses is a key trend observed in the market.
The global contact center software market was valued at USD 15.63 billion in 2017 and is expected to grow at CAGR 12.36% over the forecast period 2019–2026.
The global contact center software market can be segmented by solution, deployment type, organization size, and industry vertical.
On the basis of solution, the contact center software market can be segmented into intelligent virtual assistants, dialers, customer collaboration, IVR, workforce optimization, reporting & analytics, and others. The customer collaboration segment is expected to grow at the highest CAGR, mainly owing to the growing use of this solution for customer engagement through social media platforms.
On the basis of deployment type, the market can be segmented into on-premises & cloud. The cloud segment is expected to witness prominent growth during the forecast period as this deployment type provides remote accessibility and can be easily deployed and integrated with other systems.
On the basis of organization size, the contact center software market can be segmented into SMEs and large enterprises. Large enterprises are expected to make significant investments in contact center software programs to ensure effective business operations during the forecast period.
On the basis of industry vertical, the market can be segmented into BFSI, consumer goods & retail, government, healthcare, IT & telecom, travel & hospitality, and others. The BFSI industry vertical is projected to hold the largest share in the contact center software market as it helps in mining customer data, including transactions, customer activities across banking and financial service websites, and customer queries through multiple channels.
Geographically, the global contact center software market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is expected to lead the contact center software market during the forecast period as the region has the first-mover advantage of adopting new technologies such as cloud platforms and big data. Furthermore, most contact center software vendors such as Genesys Telecommunications Laboratories, Inc., Mitel Networks Corporation, and SAP SE are based in North America, which further contributes to market growth in the region. These factors, alongside economic stability, technological enhancements, and optimized infrastructure costs are expected to drive the North American contact center software market during the forecast period.
The Europe contact center software market presents lucrative opportunities for the contact center outsourcing industry. The rapid adoption of technology, changes in customer behavior, and intensifying competition exert pressure for innovation and better customer service in almost all industries.
Asia Pacific is expected to grow at the highest CAGR in the global contact center software market during the forecast period. Organizations across various verticals are adopting contact center software programs to offer enhanced customer experience. India, China, and the Philippines are expected to observe the highest growth in the region. In India, cost, labor, domestic market, and high-end technology are expected to be prominent market drivers. Apart from the banking and telecom sector, education and healthcare are pegged to be high potential sectors. Retail, especially e-commerce, is also expected to witness healthy growth in the region.
The Middle East and Africa contact center software market is driven by a decline in telecom rates, the emergence of the Internet, and an expanding pool of educated, multilingual agents. The LAMEA region has the highest smartphone penetration rate, which is likely to boost the contact center software market in the region during the forecast period.
Some of the key players in the contact center software market include Alcatel-Lucent Enterprise (France), Cisco Systems (U.S.), Inc., Avaya Inc., Huawei Technologies Co., Ltd., Mitel Networks Corporation, Oracle Corporation, SAP SE, Unify, Inc., IBM Corporation, and Enghouse Interactive Inc.
Global Contact Center Software Segmentation
By Deployment Type
By Organization Size
By Industry Vertical
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